BANDLAB, the SINGAPORE-based social music platform has announced its first funding round to involve outside investors. Led by VULCAN CAPITAL with notable participation from K3 VENTURES as well as existing investor CALDECOTT MUSIC GROUP, the $53m round will allow the company to expand its team and continue to refine and grow its offerings to music creators and aspiring artists worldwide.
The latest financing round results in a post-money valuation of $303m and involves several new investors who have played key roles in shaping the social, tech, and music creation landscape. Lead investor VULCAN CAPITAL is the multi-billion-dollar investment arm of MICROSOFT co-founder and philanthropist PAUL G. ALLEN.
Commented BANDLAB CEO/Co-Founder MENG RU KUOK, “Our vision is a future where there are no barriers to making and sharing music, in particular among independent musicians and creators, and among mobile-first users, the billions with smartphones and original musical ideas. We’re not only doubling down on our market-leading creator tools, but also prioritizing compensation for artists and protection for rights holders. If creators aren’t being paid fairly, it’s a major barrier to their development and growth as artists.”
VULCAN CAPITAL Managing Director and Head of SOUTHEAST ASIA TOMMY TEO added, “With a passionate community of millions worldwide, BANDLAB has an incredible track record of providing innovative and meaningful tools for music creators and artists globally, not only to primary markets like the U.S., but extending far beyond into developing and underserved markets as well. With accessibility, creativity, and collaboration at their core, we strongly believe in their vision for the future of music creation, and are excited to embark on this journey as a partner.”